22 Oct Master’s in Healthcare Administration: A path to recession-proof careers
If you’ve been keeping up with the news, you’ve probably heard many economists pointing to signs of a looming economic recession like the local weatherman predicting a coming storm. Every industry, including the healthcare industry, is worried about how hard the inevitable recessionary deluge will hit them.
A recession means a period of “general economic decline” that includes “high unemployment, stagnant wages, and a fall in retail sales.” According to CNBC Markets News, “there’s an “uncomfortably high chance that a recession could hit the global economy in the next 12-18 months.”
Most jobs are susceptible to the detrimental effects of a recession, but careers in healthcare have been historically resistant to those effects. Below, we take a look at a little bit of history and what makes careers in healthcare administration recession-proof.
The Great Recession
The Great Recession, which began in December 2007 and ended in June 2009, had a calamitous effect on employment and wages in the United States. According to the Bureau of Labor Statistics, “the unemployment rate rose to a high of 10.0 percent (in October 2009) and reflected job losses across multiple industries. This downturn represented one of the longest and deepest recessions experienced in the nation since the end of World War II.”
The last recession hit several industries very hard, and the coming recession could be just as bad, if not worse.
Recession-proof careers in healthcare
According to a U.S. Bureau of Labor Statistics analysis, “healthcare employment continued to grow during the Great Recession,” and, historically, “healthcare appears to have been resistant to, if not immune from, the usual job losses associated with previous recessions.” This includes careers in healthcare administration.
From 2001 to 2014, more than half of all national job growth occurred in healthcare, and growth was still impressive during the last recession. For example, employment in general medical and surgical hospitals rose by 3.3 percent. Physicians’ offices (excluding mental health) saw an increase of 5.2 percent in employment. Also, during this time, nursing care facilities saw employment growth of 3.7 percent.
This data shows the healthcare industry is pretty resistant to an economic recession and that this industry is vital to the U.S. economy.
As mentioned earlier, the analysis found that the healthcare industry will remain resistant in the coming recession just as it has in past recessions. The analysis concludes, “long-term projections suggest that the long wave of healthcare employment growth will continue until at least 2026.” The continuing growth is due to the aging population and how “new medical treatment modalities and breakthrough pharmaceuticals are extending longevity and improving quality of life.” The analysis also attributes the industry’s job growth to “the expansion of healthcare coverage over the past several years,” which has encouraged more people to visit healthcare professionals.
When you look at the history of our economy and the future of healthcare, it’s pretty clear pursuing a career in healthcare administration is a safe bet. If you’re interested in this career path, a Master’s in Healthcare Administration is the first step to take toward protecting yourself from the oncoming recessionary storm.
Learn about the MHA program at Auburn University-Montgomery
Whether you’re just finishing an undergraduate degree and looking for a next step, or already well on your way down a career path, the MHA program at Auburn University-Montgomery offers a convenient and affordable way to pursue a valuable degree. You can earn your graduate degree in as few as three semesters. And you have the flexibility to take classes entirely online, in-class, or a combination of the two.